Suze Orman the personal finance personality is wasting no time in getting aboard the bandwagon when it comes to debit prepayment card.

These cards are aimed at people who are looking to improve their poor credit rating.

It may be a bit of a gamble but it could be one that will bear fruit if it helps to gauge the creditworthiness of the millions of Americans who do not have access to the normal banking system.

Suze Orman in the latest in a long line of celebrities who are putting their names on a prepayment card, Orman has managed to avoid the critics who have complained about the high fees of other celebrity prepayment card.

To obtain her card you will only need to pay $3 followed by $3 per month which is the same fees as the immensely popular Wal-Mart MoneyCard.

Some critics are wondering however just how Orman will manage to recover the reported $1 million she has invested in to the scheme when she plans to charge so little. Although Orman is in league with TransUnion the credit reporting agency to help initiate a new style of credit score for the people who have got one of Orman’s “Approved” prepaid MasterCard, the credit score will be based on the customers spending habits.

At the current moment in time when people use their debit card, be it a prepaid card or one issued through a bank, it does not affect their credit rating. Traditionally a person’s credit rating is determined by how much a person borrows and if they make the correct payments and on time.

If the experiment by Orman is a success then the new type of credit scoring system could change the way that a 60 million Americans handle their financial affairs in cash or with prepayment cards.

Orman said that she had contacted a few companies asking them if they would like to help develop such a new type of credit score, and it was TransUnion who answered the call and collect spending data for up to 24 months. They will use the data collected to arrive at a formula that will work to assess that whether the customer is a good or high risk to lenders.

This is, truthfully, a work in progress,

said Orman.

Orman who has a new show on the Oprah Winfrey Network says that she realizes that creating a different type of credit score will not be easy,

You’ve got to start it somewhere, and this is the beginning of that process.

She said.